NIFTY Chart update

• Daily candle looks like a reversal formation. Bulls missed a Gravestone Doji by few points. All these reversal formations needs follow up price action according to candlestick rules. So today has to be a bullish day to confirm a reversal. Other advantage for bulls is the presence of 100 SMA here. Bulls need to stay above 100 SMA to remain strong.
• 20 Week SMA is at 8569. Bulls need to stay above this to avoid bigger correction.